One of the key technology foundations of Industry 4.0 is the Internet of Things. The ability of machines to independently communicate with one another allows them to solve issues that would previously require human intervention.
It is anticipated that the use of industrial IoT for predictive maintenance and a rise in the number of data centres would present sizable market expansion prospects. Additionally, the government’s promotion of industrial automation and the demand for high productivity & efficiency are the main factors propelling the growth of this market.
The majority of firms have acquired a high degree of IoT maturity, and through 2024, enterprises from all industry sectors intend to invest an average of $2.8 million in IoT. Businesses anticipate spending 10% of their IT budgets on IoT initiatives during the next three years, up from the average 7% of an organization’s IT expenditure between 2017 and 2020.
However, there are observable differences in the expected IoT investment levels across various business sectors. Over the next three years, oil and gas companies plan to invest the most in IoT ($3.2 million on average), followed by electrical utilities ($3.1 million), transportation and logistics ($3 million), mining operators ($2.7 million), and finally, agricultural industries ($2 million).
Latest research conducted by Inmarsat Enterprise reveals IoT is now the primary Industry 4.0 technology in which companies are investing over the next three years. IoT is becoming a company investment priority, and businesses expect it to save them an increasing amount of money in the next years. This shows how well-established an industry IoT has become globally. Despite the fact that IoT adoption is already accelerating quickly, Covid-19 has stressed the value of Industry 4.0 technologies like IoT for maintaining business continuity. Companies who create digital twins of their supply chains and share data are reaping the rewards as the world’s manufacturing and supply chains become more integrated and digitalized.
In the Indian Landscape –
India is a hive of IoT provider potential, and the nation’s IoT ecosystem is anticipated to keep expanding to generate entirely new sources of income. To stay ahead of the curve and meet the growing demand for IoT solutions, vendors should collaborate with other members of the value ecosystem to take advantage of cutting-edge technologies like Big Data analytics, AI and machine learning, new connectivity protocols, and blockchain.
Private long-term evolution for improved security: Indian tech organizations should concentrate on promoting the advantages of P-LTE to raise awareness and approach businesses with solutions tailored to specific verticals.
Real-time operational intelligence for improved risk and compliance management: To deliver brand-neutral IoT solutions, suppliers must create hardware and software that is interoperable and pre-integrated.
Visual matrix solutions for better CX: IoT providers should collaborate with OEMs of visual surveillance systems to offer in-store, real-time consumer analytics in addition to core security solutions.
IoT as a Service for Smart Diagnostic Laboratories: By starting with open source IoT solutions, expenses can be significantly cut, which will promote the use of smart laboratories as a service.
By using our global knowledge and top-class IoT solutions, we can assist your business with our digital transformation and automation services. If you’re looking for understanding partners which can deliver results, contact us now.
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